Instructions:

Prepare meat by marinading it in vinegar, garlic and salt and pepper. When marinaded meat is ready, fry potatoes in olive oil, set aside. Fry meat until brown in both sides. Add water, sherry and onions and simmer until tender. Add olive oil and bay leaf, white pepper, red pepper and garlic. Then add tomato sauce and more water. Simmer until the vegetables are tender. Meanwhile, brown the liver and then pound to a paste. Add water and then add to the meat. Season with sugar and hot sauce, then add the olives and the green peas just before removing from heat.

Chicken may also be used instead of goat or beef. If this is too much hassle, there is actually a short cut. Just purchase Calderata Sauce Mix from any Filipino/Asian store. It will save you much time doing the sauce and is just as authentic, even more authentic because there is rice flour and also atsuete in the sauce mix. I remember that our cook used to include these two ingredients when he prepared caldereta (or bakareta when kanding is not available) during fiesta or graduation festivities.